Irish millennial’s – those aged between 29 and 44 – are shifting their travel focus from Europe to Asia, new research from online banking and payments company Revolut shows.
Revolut has more than 3 million customers in Ireland and has just published its inaugural Global Travel Spending Report based on its growing level of customer knowledge.
The report, which analysed foreign spending from 24 countries across the globe has unveiled where Revolut’s more than 55 million customers are spending their money abroad, the demographics driving these trends, and what people are spending their money on. Spending internationally by Revolut customers surpassed €23bn in 2024, with Spain topping the charts as one of the world’s favourite travel destinations — accounting for 11% of all spend.
Europe tops the charts, but spending is moving elsewhere. Despite legacy favourites in Europe and the USA topping the list for Irish holiday spending in 2024, Irish jetsetters’ love of their continent appears to be waning, with a pivot to elsewhere.
Despite legacy favourites in Europe and the USA topping the list for Irish holiday spending in 2024, Irish jetsetters’ love of their continent appears to be waning, with a pivot to elsewhere. Spending in key European destinations such as France (-2%) saw year-on-year downturns in Irish holiday spending in 2024. A similar pattern can also be seen across the Atlantic, with significant drops in spending in the USA (-2%) and Canada (-18%).
Europe and North America’s dominance has been challenged by a powerful upswing in spending in Asia — one of the fastest growing regions in the last year for consumer spending. Most notably, spending in Japan catapulted 61% in 2024, as the Irish headed over to experience Cherry Blossom season, well-known ski resorts, and explore the extensive culinary delights. Millennials are driving this charge, with Irish customers aged 25-34 leading the spending in Japan, accounting for more than half (53%) of all spending in the country by Revolut users, followed by older millennials (35-44) with 19% of total spend. Following Japan, overseas Irish spending in South Korea grew by over a third (34%), whilst Thailand and Vietnam continued to prove popular destinations, both seeing 19% YoY increases as the Irish — millennials in particular — turn away from Europe and head for Asia.
Irish holidaymakers are prioritising culinary experiences when abroad, with restaurants accounting for the largest share of their spending at 35%, and an average transaction value of €20. While shopping also remains a significant part of overseas spending at 12%, Irish expenditure on groceries abroad now represents 15% of the total. This increase in grocery spending suggests a growing trend among those travelling from Ireland towards self-catering during their trips — potentially as a way to manage costs or enjoy a different style of travel.
Tara Massoudi, GM of Premium Products at Revolut, said: “Revolut was founded on the idea that money shouldn’t get in the way of exploring the world. This report brings to life how our customers are spending abroad, what’s changing, and how Revolut is enabling it all. We’re seeing a clear shift towards long-haul, value-rich destinations, especially among younger travellers, and Revolut is uniquely positioned to support this next chapter of global travel.”
